Aerospace and Defense
Defense budgets are not declining as sharply as some had feared, but companies are scrambling to ensure continued earnings growth. Get exclusive insight into the defense sector from the Reuters Aerospace and Defense Summit. Full Coverage
Roche files complaint against Ventana defense
ZURICH (Reuters) - Swiss drugmaker Roche Holding AG (ROG.VX) has lodged a complaint against Ventana Medical Systems Inc. VMSI., claiming the U.S. company is using an unfair defense against its hostile takeover offer.
Roche spokesman Daniel Piller said Roche had asked a U.S. court to invalidate Ventana's "poison pill" defense, which Bloomberg reported would give its shareholders rights to buy new shares at half price if Roche acquires 20 percent of the company.
Piller said Roche's move was a typical procedure in a takeover bid. "Most companies have these kind of poison pills," he said.
Roche launched a $3 billion hostile takeover bid for Ventana in late June after its efforts to negotiate a friendly deal were rebuffed.
Kepler Equities analyst Denise Anderson said the lawsuit was "part of normal maneuvering" and does not change their outlook.
Roche stock was 0.4 percent higher at 218.50 Swiss francs by 0841 GMT, just ahead of the Swiss blue chip index .SSMI.
